Thursday, April 28, 2011

Exelon to Buy Constellation Energy for $7.9 Billion

Exelon announced on Thursday that it would buy Constellation Energy in a $7.9 billion deal, the latest in a wave of consolidation among energy companies, particularly utilities.

Under the terms of the stock-for-stock transaction, Constellation investors would receive the equivalent of $38.59 a share, about 18 percent more than the 30-day average closing price of the stock. The combined entity would have a market value of roughly $34 billion.

"The combination of these two companies will drive innovation and value for customers by combining Exelon's abundant clean energy supply and Constellation's leading customer-facing sales and marketing platform," Constellation's chief executive, Mayo A. Shattuck III, said, in a statement. "This enterprise will have the scale and financial strength to drive expansion in competitive energy markets as well as new investment in the next wave of clean generation and sustainable products and services."



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